Spotlight

Indian equity markets are expected to open on a largely flat note, with GIFT Nifty trading around 24,345, marginally above Friday's Nifty close of 24,334, indicating a subdued start to the session. Investor sentiment is likely to remain cautious as escalating geopolitical tensions in the Middle East continue to cloud the global risk environment, with market participants closely assessing the risk of a broader regional conflict and its potential impact on global energy supplies. The heightened uncertainty has prompted a more defensive stance across financial markets, limiting investors' willingness to take aggressive directional bets.

Adding to the cautious mood, crude oil prices have advanced to the $83–84 per barrel range as concerns over prolonged supply disruptions in the Middle East persist.

Against this backdrop, the ongoing first-quarter earnings season is expected to become the primary driver of market action. Rather than witnessing a broad-based directional move, investors are likely to focus on company-specific opportunities, with quarterly earnings, management commentary, and forward guidance from heavyweight companies shaping sectoral performance. Until there is greater clarity on geopolitical developments, stock-specific movements are expected to dominate trading, while the broader indices are likely to remain sensitive to shifts in global risk sentiment and fluctuations in crude oil prices.

Technical view

Nifty 50

Nifty 50 continues to trade with a constructive bias, as the index has successfully reclaimed key resistance levels. From a technical perspective, the 24,400 zone, which coincides with the 200-day Exponential Moving Average (EMA), continues to act as the immediate resistance. A sustained breakout above this band could reinforce bullish momentum and pave the way for an advance towards the 24,500–24,600 region.
 
On the downside, the 24,200 zone is expected to provide immediate support after successfully transitioning from a key resistance level, followed by the 24,000 psychological mark, which remains a crucial support area. Holding above these levels will be important to preserve the prevailing recovery structure. Overall, the near-term technical outlook remains cautiously positive. A sustained move above the 24,400 resistance zone will be essential to confirm stronger bullish momentum and support the continuation of the ongoing recovery.

Bank Nifty

Bank Nifty continues to trade with a positive bias, supported by sustained buying interest and an improving technical structure. From a technical perspective, the 58,600–58,700 zone remains the immediate resistance. A sustained breakout above this band could reinforce bullish momentum and pave the way for an advance towards the 59,000 psychological mark.
 
On the downside, the 58,000 psychological level is expected to provide immediate support. Holding above this level will be crucial to preserve the prevailing positive structure, while a decisive break below 58,000 could trigger profit booking and drag the index towards the 57,600–57,500 support zone. Overall, the near-term technical outlook remains positive, as long as it sustains above the 58,000 mark. However, a sustained move above the 58,600–58,700 resistance zone will be required to confirm the next leg of the uptrend and extend gains towards the 59,000 level.